CECO Environmental Corp (CECO) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CECO Environmental second quarter 2025 earnings call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 CECO Environmental 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Steven Hooser, Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係部門的 Steven Hooser。請繼續。

Thank you, Kevin, and thank you all for joining us on the CECO Environmental second quarter 2025 Earnings call. On the call with me today is Todd Gleason, Chief Executive Officer; and Peter Johansson, Chief Financial Officer. Before we begin, I'd like to note that we have provided a slide presentation to help guide our discussion.

謝謝你，凱文，也謝謝大家參加 CECO Environmental 2025 年第二季財報電話會議。今天與我一起通話的是執行長 Todd Gleason 和財務長彼得約翰遜 (Peter Johansson)。在我們開始之前，我想指出我們已經提供了幻燈片演示來幫助指導我們的討論。

The call will be webcast along with our earnings presentation, which is on our website at cecoenviro.com. The presentation materials can be accessed through the investor relations section of the website. I'd also like to caution investors regarding forward-looking statements. Any statements made in today's presentation that are not based on historical fact are forward-looking statements. Such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties.

本次電話會議將與我們的獲利報告同時進行網路直播，報告發佈於我們的網站 cecoenviro.com。您可以透過網站的投資者關係板塊取得報告資料。我還想提醒投資人注意前瞻性陳述。今天的演示中任何不基於歷史事實的陳述均為前瞻性陳述。此類聲明是基於某些估計和預期，並受許多風險和不確定性的影響。

Actual future results may differ materially from those expressed or implied by the forward-looking statements. We encourage you to read the risks described in our SEC filings included on Form 10-K for the year ended December 31, 2024. Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that we make here today, whether as a result of new information, future events or otherwise.

未來的實際結果可能與前瞻性陳述所表達或暗示的結果有重大差異。我們鼓勵您閱讀我們向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 表格中所述的風險。除適用證券法要求的範圍外，我們不承擔更新或公開修改我們今天在此做出的任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

Today's presentation will also include references to certain non-GAAP financial measures. We provided the comparable GAAP and non-GAAP numbers in today's press release and provided non-GAAP reconciliations in the supplemental tables in the back of the slide deck.

今天的演示也將提及某些非公認會計準則財務指標。我們在今天的新聞稿中提供了可比較的 GAAP 和非 GAAP 數字，並在幻燈片背面的補充表格中提供了非 GAAP 對帳。

And with that, I'd now like to turn the call over to Todd Gleason, Chief Executive Officer. Todd?

現在，我想將電話轉給執行長 Todd Gleason。托德？

Thanks, Steven. Good day, everyone, and thanks for your time as well as your continued interest in CECO. As today's press release highlighted, in the second quarter, we delivered a number of financial records. Our Q2 and year-to-date results reflect positive impacts from the investments we have made to build and execute our operating model that continues to yield high-performance results while strategically and sustainably transforming our portfolio.

謝謝，史蒂文。大家好，感謝你們的時間以及對 CECO 的持續關注。正如今天的新聞稿所強調的那樣，在第二季度，我們提交了多項財務記錄。我們第二季和年初至今的業績反映了我們為建立和執行營運模式而進行的投資的正面影響，該模式繼續產生高績效結果，同時策略性地和永續地轉變我們的投資組合。

As always, we strive to deliver leading environmental solutions to our global industrial customers, ensuring we protect people, protect the environment and protect our customers' investment in their industrial equipment. Now please turn to slide 3 for a summary of the highlights of the quarter. In the quarter, we grew backlog to a new record, exiting the quarter at $688 million.

我們一如既往地致力於為全球工業客戶提供領先的環境解決方案，確保保護人類、保護環境並保護客戶對其工業設備的投資。現在請翻到投影片 3 查看本季的亮點摘要。本季度，我們的積壓訂單創下新高，達到 6.88 億美元。

Year-over-year, our backlog is up almost $300 million or more than 75%. Sequentially, our backlog rose an approximate $80 million. This was made possible by another quarter of record orders. In Q2, we generated $274 million in new bookings. This is up 95% versus Q2 last year. We booked our largest ever order in environmental, selective catalytic reduction or SCR, emissions management solution for a major project in the US power generation market.

與去年同期相比，我們的積壓訂單增加了近 3 億美元，即 75% 以上。我們的積壓訂單連續增加了約 8000 萬美元。這是由於又一個季度的創紀錄訂單量才實現的。第二季度，我們創造了 2.74 億美元的新訂單。與去年第二季相比，成長了 95%。我們為美國發電市場的一個大型專案獲得了迄今為止最大的環境、選擇性催化還原（SCR）排放管理解決方案訂單。

We continue to be very well positioned for future projects of similar or even larger scale and complexity. When combined with orders from the first quarter, our first half of 2025 book-to-bill is approximately 1.5. If you expand your look back and add just one more quarter, this is the third consecutive quarter with bookings of over $200 million for a total of approximately $720 million in new orders in the past three quarters.

我們將繼續為未來類似甚至更大規模和更複雜的項目做好充分準備。加上第一季的訂單，我們2025年上半年的訂單出貨比約為1.5。如果再往前追溯一個季度，這已經是連續第三個季度訂單金額超過2億美元，過去三個季度的新訂單總額約為7.2億美元。

This level of orders is a direct result of several years of focused strategies to diversify our portfolio, gain access to new vertical markets and geographies and to introduce new products and services. We believe we are well positioned for continued strong order bookings. Revenue of $185 million in the quarter, up 35% year-over-year, were also a new record as we continue to deliver strong project execution and navigate market dynamics.

這個訂單水準是我們多年來專注於多元化投資組合、進入新的垂直市場和地區以及推出新產品和服務的策略的直接結果。我們相信，我們已做好準備，並繼續保持強勁的訂單量。本季營收為 1.85 億美元，年成長 35%，也創下了新紀錄，因為我們繼續強力執行專案並引導市場動態。

Adjusted EBITDA at over $23 million was up 45% year-over-year, driven by volume, strong gross margins and an improving SG&A cost profile. A few months ago, when we discussed our Q1 earnings, we articulated we had taken G&A-related cost actions. We are starting to see the benefits of those actions and our operational productivity initiatives. And in the final metric on this slide, we show EPS was $0.24 in Q2.

調整後的 EBITDA 超過 2,300 萬美元，年增 45%，這得益於銷售量、強勁的毛利率以及銷售、一般及行政費用 (SG&A) 成本狀況的改善。幾個月前，當我們討論第一季收益時，我們明確表示我們已經採取了與 G&A 相關的成本行動。我們開始看到這些行動和營運生產力措施帶來的好處。在這張投影片的最後一個指標中，我們顯示第二季的每股盈餘為 0.24 美元。

This is up approximately 35% year-over-year. So overall, just great record results with solid performance. We exit Q2 with an incredible backlog and strong orders and margin momentum. Now let's turn to slide number 4. While we feel that Q2 was outstanding on many performance metrics, I think it's even more impressive to appreciate this isn't just a one quarter phenomenon.

這比去年同期增長了約 35%。整體而言，我們的成績非常出色，表現穩健。我們在第二季結束時擁有令人難以置信的積壓訂單以及強勁的訂單和利潤成長勢頭。現在我們翻到第 4 張投影片。雖然我們認為第二季在許多績效指標上都表現出色，但我認為更令人印象深刻的是，這不僅僅是一個季度的現象。

On this slide, we capture a few data points and comments that highlight the first half of the year's performance and bolster my comments on our ability to deliver consistent results. First half bookings of over $500 million are up 76% when compared to the first half of 2024. First half revenues were up 37%. Like I said previously, we booked our largest ever order, and we believe we have several similarly sized opportunities in power generation and industrial markets ahead of us.

在這張投影片上，我們捕捉到了一些數據點和評論，突出了今年上半年的表現，並支持了我對我們提供一致結果的能力的評論。上半年的預訂額超過 5 億美元，與 2024 年上半年相比成長了 76%。上半年營收成長37%。正如我之前所說，我們獲得了有史以來最大的訂單，我們相信，我們在發電和工業市場中還有幾個類似規模的機會。

The Profire acquisition, which we closed in early January this year, is delivering on the various synergies we discussed when we announced the transaction. And our continued multiyear growth of our sales opportunity pipeline is now over $5.5 billion. We feel very good about the key markets we have targeted with our investments and resources.

我們在今年 1 月初完成的 Profire 收購正在實現我們在宣布交易時討論的各種協同效應。我們的銷售機會管道持續多年成長，現已超過 55 億美元。我們對於我們投資和資源瞄準的關鍵市場感到非常滿意。

We believe we have a multi-year opportunity with large growth themes. And those growth themes are captured in the far-right column on this slide, the market continues to see an unrelenting demand for power generation. We are also seeing a strong uptick in semiconductor inquiries as well as natural gas infrastructure and industrial water solutions.

我們相信，我們擁有一個具有巨大成長主題的多年機會。這些成長主題體現在這張投影片的最右邊一欄中，市場對發電的需求持續不斷。我們也看到半導體諮詢以及天然氣基礎設施和工業水解決方案的強勁成長。

And aside from some softness in Europe, we are seeing steady demand in almost every other region. We are expecting some modest inflation in the second half, but we are pleased with how we have been able to offset early supply chain cost increases with either productivity, price or overall project execution. Now please turn to slide number 5.

除了歐洲的一些疲軟之外，我們看到幾乎所有其他地區的需求都保持穩定。我們預計下半年會出現溫和的通貨膨脹，但我們很高興能夠透過生產力、價格或整體專案執行來抵消早期供應鏈成本的增加。現在請翻到第 5 張投影片。

As today's press release highlighted, we are raising our 2025 annual guidance for orders and revenue while reiterating our outlook for adjusted EBITDA and adjusted free cash flow. Starting top to bottom, we are raising our 2025 full year orders guidance to exceed full year revenues, thus delivering another positive book-to-bill for the year.

正如今天的新聞稿所強調的那樣，我們正在提高 2025 年訂單和收入的年度指導，同時重申我們對調整後 EBITDA 和調整後自由現金流的展望。從上到下，我們正在提高 2025 年全年訂單預期，以超過全年收入，從而為今年帶來另一個積極的訂單出貨比。

We now expect our bookings to be 1.2 times revenue, resulting in a bookings range of between $870 million and $930 million. The strength of our full year order outlook is supported by robust underlying markets, a very active and significant pipeline of opportunities and the momentum we have built over the past 9-months to 12-months of sustainable orders growth.

我們現在預計預訂量將是營收的 1.2 倍，預訂量範圍將在 8.7 億美元至 9.3 億美元之間。我們全年訂單前景強勁，這得益於強勁的基礎市場、非常活躍和重要的機會管道以及我們在過去 9 個月到 12 個月中建立的可持續訂單增長勢頭。

For revenue, we are raising our outlook to $725 million to $775 million, up from a previous range of $700 million to $750 million. The $25 million increase on both the lower and the upper ends reflects the strong first half performance in bookings and revenue, coupled with a record sales pipeline and negligible project delays this year.

對於收入，我們將預期從先前的 7 億至 7.5 億美元上調至 7.25 億至 7.75 億美元。最低和最高限額各增加 2500 萬美元，反映了今年上半年預訂量和收入的強勁表現，以及創紀錄的銷售管道和幾乎可以忽略不計的項目延誤。

The midpoint of our full year range speaks to revenues growing 35% year-over-year, of which approximately 20 points is driven by organic growth. With respect to full year adjusted EBITDA and free cash flow, we are maintaining our previous outlook. The adjusted EBITDA range of $90 million to $100 million points to growth of approximately 50% year-over-year.

我們全年預期的中點代表營收年增 35%，其中約 20% 是由有機成長推動的。對於全年調整後的 EBITDA 和自由現金流，我們維持先前的展望。調整後的 EBITDA 範圍為 9,000 萬美元至 1 億美元，年增約 50%。

Even with the modest increase in our full year sales outlook, we still like current adjusted EPS range and expected margin expansion that it implies, which we expect to be higher than 12% to up to low teens in the year. This outlook continues to absorb our expectation that we will experience modest inflation in the second half of the year.

即使我們對全年銷售額的預期只有小幅增長，我們仍然看好當前調整後的每股收益範圍及其所暗示的預期利潤率擴張，我們預計今年的利潤率將高於 12% 至 12% 以下。這一前景繼續吸收了我們對今年下半年將經歷溫和通膨的預期。

It also includes an expectation we will add resources later this year to prepare for what we see as 2026 growth. Our record backlog and our full year book-to-bill expectations, we can actually start to model double-digit growth for 2026. So of course, we want to ensure we are prepared to execute on that solid growth. Now let's turn to slide number 6.

它還包括我們將在今年稍後增加資源，為我們預期的 2026 年成長做好準備。根據我們創紀錄的積壓訂單和全年訂單出貨預期，我們實際上可以開始預測 2026 年的兩位數成長。因此，我們當然希望確保我們已做好準備實現穩健的成長。現在我們翻到第 6 張投影片。

We often talk about the strength and size of our sales opportunity pipeline, but I wanted to spend a couple of minutes here to describe two key important items. First, that the pipeline is our best indicator of short- and medium-term organic revenue growth. And second, the building and maintaining a large and healthy pipeline does not come without appropriate investments in people, processes and systems.

我們經常談論銷售機會管道的實力和規模，但我想在這裡花幾分鐘來描述兩個關鍵的重要事項。首先，該通路是我們短期和中期有機收入成長的最佳指標。其次，建造和維護大型健康的管道離不開對人員、流程和系統的適當投資。

As you can see on this slide, there is a strong correlation between the size or value or growth of pipeline and the level of bookings when you compare the two periods that we present. On the left side of the slide, for the period 2015 to 2020, you can see the pipeline was essentially flat over those five years, and therefore, orders and revenue trended flat to down over that same period.

正如您在這張投影片上看到的，當您比較我們呈現的兩個時期時，管道的規模、價值或成長與預訂水平之間存在很強的相關性。在投影片的左側，對於 2015 年至 2020 年期間，您可以看到管道在這五年內基本持平，因此，訂單和收入在同一時期呈持平或下降趨勢。

By comparison, on the right side of the slide, in 2021 to this year, our pipeline has grown almost 40% annually on a compounded annual growth rate basis. As our pipeline grew, so did the revenue performance with a normal lag time associated with bookings turning to revenue. The second point I want to make is that maintaining a consistently high level of viable opportunities certainly doesn't come for free.

相較之下，在投影片的右側，從 2021 年到今年，我們的管道以複合年增長率計算每年增長近 40%。隨著我們的管道不斷擴大，收入表現也隨之成長，但預訂轉化為收入存在正常的延遲時間。我想說的第二點是，保持持續高水準的可行機會當然不是免費的。

This level comes as a result of sustained investments in talented commercial teams, business systems and processes and market entry that has allowed CECO to penetrate new markets and customers, which in prior years wouldn't have necessarily known our name or our brands. And as long as market conditions are supportive and our global opportunity set is expanding, we will continue to sanction these increased investments to maintain and accelerate CECO's growth.

這一水準的實現源於對優秀商業團隊、業務系統和流程以及市場進入的持續投資，這使得 CECO 能夠打入新市場和客戶，而這些市場和客戶在前幾年並不一定知道我們的名字或品牌。只要市場條件有利且我們的全球機會不斷擴大，我們就會繼續批准增加這些投資，以維持和加速 CECO 的成長。

Five years ago, when I joined CECO, I knew it would not be easy to break out of the company's historic revenue range of limited to no growth. It would take expanding our sales pipeline by focusing aggressively on winning markets, by investing in new geographies, by diversifying our product and service offering. As we approach our new revenue outlook of roughly $750 million for the year, and we

五年前，當我加入 CECO 時，我知道要突破公司歷史上收入成長有限甚至沒有成長的局面並非易事。這需要我們積極專注於贏得市場、投資新地區、多樣化我們的產品和服務，從而擴大我們的銷售管道。隨著我們接近今年約 7.5 億美元的新收入預期，我們

expect on our way to a $1 billion company, we are pleased we have the business model in place to continue to grow our sales pipeline. It might not have been easy, but we have certainly -- and we have certainly come up short on a few things. But overall, we are very pleased with our long-term growth and how well we continue to transform the portfolio. I really look forward to the next five years.

在我們邁向價值 10 億美元的道路上，我們很高興擁有現有的商業模式，可以繼續擴大我們的銷售管道。這可能並不容易，但我們確實做到了——而且我們確實在某些事情上有所不足。但總體而言，我們對我們的長期成長以及我們繼續轉變投資組合的進展感到非常滿意。我非常期待接下來的五年。

I will now hand it over to Peter, who will go through more detail on our financial results. Peter?

現在我將把它交給彼得，他將更詳細地介紹我們的財務結果。彼得？

Thank you, Todd, and good day, everyone. Thank you for joining Todd and I for CECO's second quarter 2025 earnings call. I'd like to start on slide 8, and I'll provide some additional color on our financial results for the quarter. CECO finished the second quarter with a record backlog of $688 million. This is up 76% versus prior year and a 14% increase sequentially.

謝謝你，托德，大家好。感謝您與 Todd 和我一起參加 CECO 2025 年第二季財報電話會議。我想從第 8 張投影片開始，對本季的財務表現提供一些補充說明。CECO 第二季的積壓訂單量達到創紀錄的 6.88 億美元。與去年同期相比成長了 76%，與上一季相比成長了 14%。

Of the total, approximately $70 million is related to the recent acquisitions with the balance of the increase coming from organic orders growth. The second quarter of 2025 represents the 10th of the last 11 quarters showing a backlog increase. The increase was helped along by strong orders in the power generation, semiconductor, industrial water and natural gas infrastructure end markets, broad growth across a range of applications.

其中約 7,000 萬美元與最近的收購有關，其餘成長來自有機訂單的成長。2025 年第二季是過去 11 個季度中積壓訂單增加的第 10 個季度。發電、半導體、工業用水和天然氣基礎設施終端市場的強勁訂單以及一系列應用領域的廣泛增長推動了這一增長。

As Todd previously mentioned, this was the third consecutive quarter where CECO delivered orders greater than $200 million with our second quarter orders of $274 million, up 95% versus prior year and 20% sequentially for that book-to-bill of approximately 1.5 times in the first half of the year. On a trailing 12-month basis, orders totaled $883 million, up 58%, representing a robust book-to-bill of 1.35 times and a record for any 12- month period in company history.

正如托德之前提到的，這是 CECO 連續第三個季度交付超過 2 億美元的訂單，第二季度的訂單額為 2.74 億美元，比去年同期增長 95%，比上半年增長 20%，訂單出貨比約為上半年的 1.5 倍。在過去 12 個月中，訂單總額達 8.83 億美元，成長 58%，訂單出貨比達到 1.35 倍，創下了公司歷史上任何 12 個月的記錄。

Driven by demand in power, natural gas, semiconductor and industrials, produced in wastewater separation applications, CECO booked over $0.5 billion of orders for the first six months of 2025. As mentioned in our press release this morning, the company booked our largest ever order in the quarter for a project in the power generation segment.

受電力、天然氣、半導體和工業廢水分離應用需求的推動，CECO 在 2025 年前六個月的訂單量超過 5 億美元。正如我們今天早上的新聞稿中提到的，該公司在本季度獲得了發電領域項目有史以來最大的訂單。

That order plus a number of small- to medium-sized projects for natural gas infrastructure and power generation yielded over $140 million of our total bookings in the quarter, with the remaining 1/2 coming from industrial air and industrial water customer segments and applications, quite a diverse and well-rounded order book for the quarter. Revenue in the quarter of $185 million was an increase of 35% year-over-year.

該訂單加上一些天然氣基礎設施和發電的中小型項目，為我們本季度帶來了超過 1.4 億美元的總訂單，其餘一半來自工業空氣和工業水客戶群和應用，為本季度帶來了相當多樣化和全面的訂單。本季營收為 1.85 億美元，年增 35%。

With approximately 20 points generated by the company's most recent three acquisitions and the balance of the growth driven by organic results. Sequentially, revenue was up 5% despite the natural headwind related to the sale of the global pump solutions business that closed at the end of the first quarter. In the quarter, project-related delays that impacted revenue recognition in the second half of 2024 have abated.

其中約 20 個百分點由公司最近的三次收購產生，其餘成長則由有機業績推動。儘管第一季末全球泵浦解決方案業務出售帶來了自然阻力，但營收仍較上季成長了 5%。本季度，影響 2024 年下半年收入確認的專案相關延誤已減輕。

And our quarter end backlog and pipeline strength gives us confidence in delivering on the updated revenue outlook Todd recently presented for the second half of 2025 and for the full year. Adjusted EBITDA was $23.3 million in the quarter, an increase of 45% versus prior year, with margins improving approximately 90 basis points. Gross profit margin was slightly over 36%, up 50 basis points year-over-year.

我們季度末的積壓訂單和通路實力使我們有信心實現 Todd 最近提出的 2025 年下半年和全年的最新收入展望。本季調整後 EBITDA 為 2,330 萬美元，較上年成長 45%，利潤率提高約 90 個基點。毛利率略高於36%，較去年同期成長50個基點。

Mix due to higher short-cycle revenue was a tailwind to gross profit margins in the quarter and mainly attributable to our recent acquisitions. SG&A spending in the quarter benefited from the absence of quarter 1 expenses that do not repeat in subsequent periods and the initial impact of our G&A cost actions taken in the quarter.

由於短週期收入增加，本季的毛利率得到了推動，這主要歸功於我們最近的收購。本季的銷售、一般及行政費用 (SG&A) 支出受益於第一季未在後續期間重複發生的支出，以及我們在本季採取的 G&A 成本行動的初步影響。

Sequentially, adjusted EBITDA was up approximately 65% with 470 basis points of margin expansion attributable to higher volumes, favorable mix, the initial benefit of cost actions taken in the quarter and the absence of the aforementioned non-recurring period expenses from Q1. On a TTM basis, adjusted EBITDA grew 11% with margins down slightly, impacted by -- largely by the results of Q1 of this year.

調整後的 EBITDA 環比增長約 65%，利潤率擴大 470 個基點，這歸因於銷量增加、產品組合有利、本季度採取的成本行動帶來的初步效益以及上述第一季非經常性期間費用的消失。從 TTM 來看，調整後的 EBITDA 成長了 11%，利潤率略有下降，主要受到今年第一季業績的影響。

Adjusted EPS in the quarter was up $0.04 or 20% on similar dynamics that impacted adjusted EBITDA, partially offset by higher interest expense in the period. Before I leave this page, I would like to thank the global CECO team for a robust first half of 2025 and reiterate from my perspective, a few highlights from that first half performance that have positioned CECO very well for an even stronger second half of the year. Orders of $502 million were up 76%.

本季調整後每股盈餘上漲 0.04 美元或 20%，影響調整後 EBITDA 的動態類似，但本期間利息支出增加部分抵銷了這一影響。在離開此頁面之前，我想感謝 CECO 全球團隊在 2025 年上半年取得的強勁業績，並從我的角度重申上半年業績的一些亮點，這些亮點為 CECO 在下半年取得更加強勁的業績奠定了良好的基礎。訂單金額達 5.02 億美元，成長 76%。

Revenue delivery of $362 million were up 37%. Adjusted EBITDA of $37.3 million in the first half of the year was up 27%. We have made excellent progress on the integration of our three most recent acquisitions. We executed on the separation of the global pump solutions businesses and systems and are transitioning support functions, reaching conclusion at the end of quarter 3.

營收達到 3.62 億美元，成長 37%。上半年調整後EBITDA為3,730萬美元，成長27%。我們在最近三次收購的整合上取得了巨大進展。我們執行了全球泵浦解決方案業務和系統的分離，並正在轉變支援功能，並將於第三季末得出結論。

And finally, we have continued to advance on our project execution and sourcing initiatives, key elements of our operating excellence agenda. Now let's turn to page 9, and we'll discuss briefly backlog. I will not spend much time on this slide because I think it speaks for itself. With the great performance in quarter 2, our backlog is continuing a steady upwards climb as we convert on the growing sales opportunity pipeline.

最後，我們繼續推動專案執行和採購計劃，這是我們卓越營運議程的關鍵要素。現在我們翻到第 9 頁，我們將簡要討論積壓問題。我不會在這張投影片上花太多時間，因為我認為它本身就說明了一切。憑藉第二季度的出色表現，隨著我們不斷轉化不斷增長的銷售機會，我們的積壓訂單繼續穩步攀升。

Our $688 million backlog has more than tripled since the end of 2021, and we expect this backlog to fully convert to revenue within the next 24 months, with the majority converting over the next 18. Our book-to-bill for the first half of the year was very strong and is the highest of any recent period, further underpinning our confidence in future revenue growth.

自 2021 年底以來，我們的 6.88 億美元積壓訂單增加了兩倍多，我們預計這些積壓訂單將在未來 24 個月內完全轉化為收入，其中大部分將在未來 18 個月內轉化。我們上半年的訂單出貨比非常強勁，是近期最高的，進一步增強了我們對未來營收成長的信心。

Please now turn to Page 10, where we'll briefly discuss gross profit and gross margin. This slide, similar to previous earnings decks, presents CECO's gross profit and gross margin performance by quarter since the fourth quarter of 2022 on a TTM basis, which we look at to normalize for quarter-to-quarter fluctuations and provide a look back to the start of CECO's operating excellence agenda.

現在請翻到第 10 頁，我們將簡要討論毛利和毛利率。這張投影片與先前的收益簡報類似，按季度展示了 CECO 自 2022 年第四季以來按 TTM 計算的毛利和毛利率表現，我們透過觀察這些表現來規範季度間的波動，並回顧 CECO 卓越營運議程的開始。

Since the first quarter -- fourth quarter of 2022, CECO has expanded TTM gross profit margins by approximately 500 basis points, with TTM gross profit dollar growth of slightly greater than 80%. In the second quarter of 2025 that most recently concluded, our business delivered gross profit of $73 million and a gross profit margin of 36.2%, an increase of 100 basis points sequentially.

自2022年第一季至第四季以來，CECO已將TTM毛利率擴大了約500個基點，TTM毛利美元成長略高於80%。在最近結束的 2025 年第二季度，我們的業務實現了 7,300 萬美元的毛利和 36.2% 的毛利率，比上一季度增長了 100 個基點。

Our teams continue to execute very, very well, and this trend is continuing to become our baseline. On a TTM basis, our gross profit margin was 35.2%, well within the range we're targeting for our business. This improvement over the past two-plus years is attributable to the progress our teams have made implementing our operational excellence agenda, capturing annualized savings in the range of over $10 million and improving project execution and the impact of our commercial and portfolio transformation initiatives to improve the business mix and to deliver acquisitions with accretive gross profit margins.

我們的團隊繼續表現得非常非常好，並且這種趨勢將繼續成為我們的基準。從 TTM 來看，我們的毛利率為 35.2%，完全在我們的業務目標範圍內。過去兩年多來的這項進步歸功於我們的團隊在實施卓越營運議程方面取得的進展，實現了超過 1000 萬美元的年度節約，並改善了項目執行情況，以及我們的商業和投資組合轉型計劃的影響，從而改善了業務組合併實現了具有增值毛利率的收購。

For the balance of the year and beyond, we will continue to implement and expand on our operating excellence agenda focused on project execution and sourcing and to increase our focus on G&A expense optimization and process simplification to further benefit adjusted EBITDA delivery. Please move to slide 11, where we'll quickly review cash flow debt and leverage.

在今年餘下的時間裡，我們將繼續實施和擴大以專案執行和採購為重點的卓越營運議程，並更加重視 G&A 費用優化和流程簡化，以進一步促進調整後的 EBITDA 交付。請移至投影片 11，我們將快速回顧現金流債務和槓桿。

Starting on the left side of the page with free cash flow, a schedule prepared that shows you how we walk from GAAP net income to adjusted free cash flow on a year-to-date basis. Cash flow in the second quarter was a net outflow of $3 million, which represents a sequential improvement of $12 million versus the first quarter of the year.

從頁面左側的自由現金流開始，我們準備了一個時間表，向您展示我們如何從 GAAP 淨收入走向年初至今的調整後自由現金流。第二季現金流淨流出300萬美元，較今年第一季較上季增加1,200萬美元。

The improvement was due in large part to higher operating income and net favorable cash payments on projects booked that were then offset by working capital requirements supporting CECO's substantial revenue growth. On a year-to-date basis, the outflow of approximately $18 million is due to elevated working capital funding needs in support of CECO's revenue growth.

這項改善在很大程度上歸功於更高的營業收入和預訂項目的淨有利現金支付，而這些收入又被支持 CECO 大幅收入成長的營運資本需求所抵消。從年初至今，約有 1,800 萬美元的資金流出是由於支持 CECO 收入成長的營運資金需求增加。

Capital expenditures of approximately $4.5 million is largely due to investments in our ongoing ERP system migration. On the right side of the slide is a brief summary of CECO's gross indebtedness position with the primary drivers of change in the quarter shown for you. We ended the second quarter with gross debt of approximately $236 million, a modest increase from the end of 2024.

約 450 萬美元的資本支出主要源自於我們正在進行的 ERP 系統遷移的投資。投影片右側簡要概述了 CECO 的總負債狀況，並向您展示了本季變化的主要驅動因素。我們第二季末的總債務約為 2.36 億美元，較 2024 年底略有增加。

Excess cash from the divestiture of the global pump solutions business was applied to pay down the revolver credit facility balance early in the second quarter, which was then subsequently tapped to fund working capital increases. Net debt at quarter end is approximately $199 million, an increase of $19 million from year-end 2024.

剝離全球泵浦解決方案業務所產生的多餘現金在第二季初用於償還循環信貸額度餘額，隨後又被用於增加營運資本。季度末淨債務約 1.99 億美元，比 2024 年底增加 1,900 萬美元。

Net debt balance of $180 million, $9 million of the addition, which came from the second quarter of the year. At this level of net debt, CECO's leverage ratio is approximately 2.7x our bank EBITDA of $74.2 million, leaving us with an investment capacity of $104 million, an increase of $35 million from the end of 2024. This is more than adequate to fund our growth needs, our investment needs and is supportive of future M&A in the back half of the year, in which we remain active in cultivating various M&A opportunities.

淨債務餘額為 1.8 億美元，新增 900 萬美元，來自今年第二季。在此淨負債水準下，CECO 的槓桿率約為我們銀行 EBITDA 7,420 萬美元的 2.7 倍，使我們的投資能力達到 1.04 億美元，比 2024 年底增加 3,500 萬美元。這筆資金足以滿足我們的成長需求和投資需求，並支持下半年的未來併購，我們將繼續積極培養各種併購機會。

But in the near term, we continue to focus our capital deployment on further reducing our debt levels and leverage ratios to further strengthen our balance sheet and reduce cash interest payments. I've now concluded my remarks on CECO's quarter 2, 2025 financial results, which I consider to be very solid and a strong recovery from a somewhat slow start to the year.

但在短期內，我們將繼續把資本配置重點放在進一步降低債務水準和槓桿率，以進一步加強資產負債表並減少現金利息支付。現在，我已經結束了對 CECO 2025 年第二季度財務業績的評論，我認為該業績非常穩健，並且從今年稍慢的開局強勁復甦。

And I now want to hand the mic back over to Todd for his final remarks and a wrap-up.

現在我想把麥克風交還給陶德，讓他做最後的發言和總結。

Thanks, Peter. So as Peter said, let's go ahead and wrap up with slide number 13, and then we'll welcome the Q&A session. As we enter the second half of 2025, we believe CECO remains very well positioned to benefit from our diverse end market exposure and key mega themes that remain very, very strong. Our $5.5 billion or higher pipeline provides tremendous visibility into many exciting opportunities, large and small, and we look forward to continuing to maintain a strong bookings level.

謝謝，彼得。正如彼得所說，讓我們繼續並結束第 13 張投影片，然後我們迎來問答環節。隨著我們進入 2025 年下半年，我們相信 CECO 仍將處於非常有利的地位，可以從我們多樣化的終端市場曝光度和仍然非常強勁的關鍵大型主題中受益。我們價值 55 億美元或更高的管道為許多大大小小的令人興奮的機會提供了極大的可見性，我們期待繼續保持強勁的預訂水平。

I am very pleased with our Q2 and year-to-date performance, records almost across the board. It speaks for itself. But to have 76% backlog growth, 95% orders growth and revenue and adjusted EBITDA up 35% and 45%, respectively, is just outstanding. As always, I want to thank team CECO for your customer-first dedication and outstanding teamwork.

我對我們的第二季和今年迄今的表現非常滿意，幾乎全面取得了成績。事實不言而喻。但積壓訂單成長 76%，訂單成長 95%，營收和調整後 EBITDA 分別成長 35% 和 45%，這已經非常出色了。一如既往，我要感謝 CECO 團隊的客戶至上奉獻精神和出色的團隊合作精神。

We continue to be bullish with respect to our full year outlook, and we are pleased with the progress we are making on the integrations of the 2025 acquisition of Profire Energy and the acquisitions we made late last year with Verantis Environmental and W.K. Group. We also continue to see opportunities to generate additional synergies with those acquisitions as well as the access that they each provide to new vertical markets and geographies.

我們繼續對全年前景持樂觀態度，並對 2025 年收購 Profire Energy 以及去年年底收購 Verantis Environmental 和 W.K. Group 的整合工作所取得的進展感到滿意。我們也繼續看到透過這些收購產生額外協同效應的機會，以及它們各自提供的進入新垂直市場和地區的機會。

So with that, we'll pause, open up the line for questions, and then I'll wrap up with some closing remarks. Operator?

因此，我們將暫停一下，開放提問環節，然後我將進行一些結束語。操作員？

(Operator Instructions) Rob Brown, Lake Street Capital Markets.

（操作員指示）Rob Brown，Lake Street Capital Markets。

Congratulations on a great quarter. First question is on the pipeline and the power gen market. You've had some good orders there. How would you say the pipeline is sort of for the rest of the year and into next year in power gen? What are the size of the opportunities? And how much capacity do you have there to take on work?

恭喜您本季取得優異成績。第一個問題是關於管道和發電市場。您在那裡收到了一些不錯的訂單。您認為今年剩餘時間和明年發電產業的前景如何？這些機會有多大？您有多少能力承擔工作？

Well, that's -- it's a good question. There's a couple of questions in that. So capacity isn't an issue. We certainly speaks to our need as we've been addressing it to bring on key resources to manage projects, supply chain relationships and obviously be able to execute on the project from a manufacturing or supply chain capacity, we feel good. The market continues to be excellent.

嗯，這是個好問題。其中有幾個問題。因此容量不是問題。我們確實談到了我們的需求，因為我們一直在解決這個問題，以引入關鍵資源來管理項目、供應鏈關係，並且顯然能夠從製造或供應鏈能力上執行項目，我們感覺很好。市場持續表現優異。

Our order in the quarter and orders that we've had in previous quarters that are also very attractive. We would say we're in the -- CECO continues to feel that we're in somewhat of the earlier innings of our orders being booked. So you think about a large let's say, gas turbine power job that might be announced by one of the large system providers in the marketplace, such as Siemens and GE Vernova, et cetera.

我們本季的訂單以及前幾季的訂單也非常有吸引力。我們會說我們正處於——CECO 繼續感覺我們正處於訂單預訂的早期階段。因此，您可以想像一下，市場上的某個大型系統供應商可能會宣布一項大型燃氣渦輪發電項目，例如西門子和 GE Vernova 等。

We're later in that cycle, meaning they then work with supply -- with their supply chain, of which we're a strategic partner to finalize the overall project design and systems. So we would say our pipeline is still in the earlier innings as it reflects the very large announcements that have been made for power generation. So pipeline looks great, certainly well over $1 billion of power gen-related projects for our solutions.

我們處於該週期的後期，這意味著他們隨後與供應商合作——與他們的供應鏈合作，我們是他們的策略合作夥伴，以最終確定整體專案設計和系統。因此，我們可以說我們的管道仍處於早期階段，因為它反映了針對發電做出的非常重大的公告。因此，管道看起來很棒，我們的解決方案的發電相關項目肯定超過 10 億美元。

And Peter, I don't know if you want to add any additional color to that.

彼得，我不知道你是否想對此添加任何額外的內容。

The active pipeline is well over $1 billion. We see that $1 billion coming to a decision in the next 24-months. That's across the large suppliers and some smaller end users who are going to self-perform work. We don't and have not seen any signs of this market slowing down.

活躍管道的價值遠遠超過 10 億美元。我們認為，未來 24 個月內將對這 10 億美元做出決定。這涉及大型供應商和一些將自行開展工作的小型最終用戶。我們沒有看到、也從未看到這個市場放緩的任何跡象。

And I would say to just double down on the capacity question, we are in regular dialogue with the -- with our end customer, sort of the aforementioned power gen suppliers -- and they're very keen on the capacity of the supply chain. So they work closely with all of us to ensure that whether or not somebody is supplying them with, let's say, thermal abatement, noise abatement, thermal acoustic solutions or emissions management solutions, whether it's for an aero derivative or a large frame system that we're not running into capacity issues to deliver.

我想說的是，只要加倍關注產能問題，我們就會與我們的最終客戶（即前面提到的發電供應商）進行定期對話，他們非常熱衷於供應鏈的產能。因此，他們與我們所有人密切合作，以確保無論是否有人向他們提供熱消除、噪音消除、熱聲學解決方案或排放管理解決方案，無論是針對航空衍生產品還是大型框架系統，我們都不會遇到交付能力問題。

Okay. Great. And then I guess beyond the power gen market, I think you talked about quite a bit of strength overall across the board. But I guess what's sort of the environment around some of the other verticals you're tracking? What are the drivers there? And what do you kind of see the length of the demand curve in those markets?

好的。偉大的。然後我想，除了發電市場之外，我認為您談到了整體上相當大的實力。但我想您追蹤的其他一些垂直行業的環境是什麼樣的呢？那裡的驅動因素是什麼？您認為這些市場的需求曲線長度如何？

Yes. Peter will expand on each of these, but there's multiple markets. Semiconductor has had some increases and then it sort of settles back down over the last 18 months or 24 months. But semiconductor certainly looks and new fabrication capacity is back on in terms of a market, we would say. Over the last six-months to nine-months, certainly, natural gas infrastructure has been a very, very high-growth market.

是的。彼得將對每一個進行擴展，但有多個市場。半導體價格在過去 18 個月或 24 個月內有所上漲，然後又回落。但我們可以肯定地說，就市場而言，半導體和新的製造能力肯定會重新恢復。在過去的六個月到九個月裡，天然氣基礎設施無疑是一個成長非常非常快的市場。

And we benefited significantly from our leadership position, providing separation and filtration solutions and other key environmental solutions for natural gas infrastructure. And then we've invested heavily over the last few years to better position CECO and our key brands in industrial water and industrial water, not only including on-site solutions, but infrastructure associated with water.

我們的領導地位使我們受益匪淺，為天然氣基礎設施提供分離和過濾解決方案以及其他關鍵環境解決方案。過去幾年，我們投入巨資，以更好地定位 CECO 和我們在工業用水和工業用水領域的關鍵品牌，不僅包括現場解決方案，還包括與水相關的基礎設施。

So that market continues to be very attractive for us. The market is healthy, but we feel that we're uniquely positioned now to break into some new geographies and new markets because of our investments and our relationships and even some of the acquisitions we've made, which give us access to those markets strategically.

因此，該市場對我們來說仍然非常有吸引力。市場是健康的，但我們認為，由於我們的投資和關係，甚至我們進行的一些收購，我們現在處於獨特的地位，可以打入一些新的地區和新市場，這使我們能夠策略性地進入這些市場。

And then the last is -- a theme that, Rob, we've talked about for many, many quarters, continues to be very healthy. And that's just the general dynamic of industrial reshoring in North America and in other geographies where globally, I think over the last few years, countries and regions have wanted to have a better control over their supply chain capabilities.

最後，羅布，我們已經討論過很多個季度了，這個主題仍然非常健康。這只是北美和其他地區工業回流的整體動態，我認為在過去幾年中，全球各國和地區都希望能更好地控制其供應鏈能力。

And so bringing back industrial production to, let's say, North America is one great example, which that theme continues to have really good visibility for us and some really good momentum still. So a lot there that we're excited about. Power gen is certainly the biggest associated with data centers and AI and all the electrification and digitization needs and automation.

因此，將工業生產帶回北美就是一個很好的例子，這個主題對我們來說仍然具有很好的可見性，並且仍然保持著良好的發展勢頭。有很多事情讓我們興奮不已。發電無疑是與資料中心、人工智慧以及所有電氣化、數位化需求和自動化相關的最大產業。

So power gen is certainly the -- I'd say, the healthiest or the fastest growing of the markets. But the other ones I mentioned are -- they're A+ in our book.

所以我認為發電市場無疑是最健康或成長最快的市場。但我提到的其他人——在我們看來，他們都是 A+。

Aaron Spychalla, Craig-Hallum Capital Group.

Aaron Spychalla，Craig-Hallum 資本集團。

Maybe first, just to expand on Rob's question maybe a little bit. I think you talked about some similar sized opportunities in the industrial market. Just curious which parts of those end markets, geographies, et cetera, might that be in? And just is that something you expect this year? Or is that more into 2026?

首先，我們稍微擴充一下 Rob 的問題。我認為您談到了工業市場中一些類似規模的機會。只是好奇這些終端市場、地區等等的哪些部分可能存在？這是您今年所期待的嗎？還是更早到 2026 年？

Thanks, Aaron. We have more than a handful, less than a dozen large opportunities in water in the Middle East, India and Southeast Asia that are in excess of $50 million that are active -- we're actively pursuing and are proceeding well through up to an award. It's the greatest number we've seen at any time in our history, and it's mirroring what's happening in power generation.

謝謝，亞倫。我們在中東、印度和東南亞的水資源領域有不少，但有不到十幾個大型投資機會，價值超過 5,000 萬美元，我們正在積極爭取，並正在順利推進，直到獲得獎項。這是我們歷史上見過的最大數字，它反映了發電領域正在發生的事情。

We're seeing a return to the buying cycle now of a number of industrial end markets, including the next wave of semiconductor and electronic plant construction, beverage can, plant, manufacturing build-outs and a new wave in metals processing, not your traditional steel, aluminum, titanium, nickel that we've historically served.

我們現在看到許多工業終端市場的購買週期正在回歸，包括下一波半導體和電子工廠建設、飲料罐、工廠、製造業建設和金屬加工的新浪潮，而不是我們過去服務的傳統鋼鐵、鋁、鈦、鎳。

But as the US and other non-Asian markets begin to invest in securing supplies around rare earths, copper and other materials, that's beginning to enter, call it, an order window in a year or two from now. A lot of activity. What's also benefiting us and many of our peers is the current administration's view on freeing up the bureaucratic red tape to allow projects to be permitted and financed quickly and get started quickly.

但隨著美國和其他非亞洲市場開始投資確保稀土、銅和其他材料的供應，這將在一兩年後開始進入訂單窗口。很多活動。現任政府希望放寬官僚主義的繁文縟節，以便專案能夠迅速獲得批准和融資，並迅速啟動，這也使我們和許多同行受益。

Shovels are getting in the ground faster now, and we expect that to accelerate as well. So there's just a lot of very positive tailwinds, if you will, that we're experiencing. And as you see demand for manufacturing grow in the United States, whatever form that might be, it's going to require energy. It's going to require logistics and transportation.

現在鏟子挖地的速度越來越快，我們預計挖地的速度也會越來越快。因此，如果你願意的話，我們正在經歷許多非常積極的順風。正如你所看到的，美國製造業的需求不斷增長，無論其形式如何，都需要能源。這需要物流和運輸。

And those investments then require materials to produce them, which will get produced in quarries and in cement plants and other areas where we supply equipment So it seems to be a very -- now a very -- dare used the term kind of mega cycle around all things that require industrial performance, and that's where we're focused.

然後，這些投資需要生產材料，這些材料將在採石場、水泥廠和我們提供設備的其他地區生產，因此，這似乎是一個非常——現在非常——敢於使用「巨型循環」這個術語，圍繞著所有需要工業性能的事物，而這正是我們關注的重點。

Great, Peter. And then maybe on that, some of the red tape, can you just kind of talk about the big beautiful bill and any impacts on the bonus depreciation as some of these projects maybe start to get moving? I mean you've seen really good order growth thus far. Is that something that can help move some of these projects forward as well and benefit you?

太好了，彼得。然後也許關於這些繁文縟節，您能否談談這張漂亮的大賬單以及當其中一些項目開始啟動時對獎金折舊的任何影響？我的意思是，到目前為止，你已經看到了非常好的訂單成長。這是否也能幫助推動其中一些項目向前發展並為您帶來好處？

Yes, it can't hurt, but we were seeing this orders -- our orders grow, our opportunity pipeline grow and our booking rates grow even before the passage of the bill. Even while it was being debated, we were receiving orders. No one held off waiting for the results. Aerospace is going to benefit. Anyone who buys or builds large pieces of machinery is going to benefit. So it can't hurt. One thing we haven't talked about, and it just was announced in recent days is what's likely to be a very large export wave from the US in munitions, armaments and defense equipment.

是的，這不會有什麼壞處，但我們看到了這些訂單——我們的訂單正在增長，我們的機會管道正在增長，我們的預訂率在法案通過之前就在增長。即使在辯論期間，我們也在收到命令。沒有人等待結果。航空航天業將從中受益。任何購買或建造大型機械的人都會受益。所以它不會造成傷害。有一件事我們還沒有談論，但最近幾天才宣布，那就是美國可能會出現一波大規模的彈藥、武器和國防設備出口浪潮。

That will start rolling through our economy. New plants have to be built. New sources of raw materials have to be developed. And so any time government steps back and says, we're going to do the minimum to enable industry to enable the markets to do their job, that's a good thing. And while we're not taking a political position here, we're certainly not opposed to that.

這將開始影響我們的經濟。必須建造新工廠。必須開發新的原料來源。因此，任何時候政府退一步說，我們將盡最低限度的努力使工業能夠使市場發揮作用，這是一件好事。雖然我們在此不採取政治立場，但我們當然不反對這一點。

We're not sure, to Peter's point, that there's any specifics with any bill either way that slows down the need for power that impacts the need for more automation and new industrial investment. These things are going to happen sort of with or without policy. We do believe policies certainly help to open up the speed and acceleration of which things happen. But I think we're more excited and interested in our big beautiful backlog than we are in any particular bills.

正如彼得所說，我們不確定任何法案中是否有任何具體內容可以減緩對電力的需求，從而影響對更多自動化和新工業投資的需求。無論有沒有政策，這些事情都會發生。我們確實相信政策肯定有助於提高事情發生的速度和加速。但我認為，我們對大量美麗的積壓法案比對任何特定法案更感到興奮和感興趣。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Just if we look at your guidance for second half bookings, I'm just wondering what does that imply for large orders? I know that's always tougher to predict the timing on some of these.

如果我們看一下您對下半年預訂量的指導，我只是想知道這對大訂單意味著什麼？我知道預測其中一些事情的時間總是比較困難。

It doesn't -- yes, thanks. It's a great question. I would say it is it doesn't capture the maximum of what we could book in the second half. I'm not suggesting that we're being uber conservative in our bookings outlook for the second half, but we're certainly not going to -- we're not betting 1,000 here on all these things happening in the second half.

不是——是的，謝謝。這是一個很好的問題。我想說的是，它並沒有達到我們在下半年所能達到的最大目標。我並不是說我們對下半年的預訂前景過於保守，但我們肯定不會——我們不會把 1,000 美元押在下半年發生的所有這些事情上。

So I think we take a very normalized view of how and when the timing of these orders come in. We would say that -- yes, that it's slightly less than maybe the last couple of quarters, but still at a healthy level in terms of the gross dollar amount. That could prove to be one way or another. And as you know, from our history, an order can miss booking the quarter by a handful of days or weeks, and then it might end up in the next quarter. So we don't know always when our customers are going to finalize the purchase order agreements with us.

因此我認為我們對這些訂單的下達方式和時間持非常正常的看法。我們會說——是的，它可能比前幾季略少，但就總金額而言仍然處於健康水平。事實證明，這可能是一種或另一種方式。如您所知，從我們的歷史來看，訂單可能會錯過本季的預訂幾天或幾週，然後可能會在下個季度完成。因此，我們並不總是知道客戶何時會與我們完成採購訂單協議。

Got it. And I wanted to go back to the comment you made in the release and I think in the deck about the inflationary pressures in the second half. So I guess the question I have for you, Todd, or Peter, is what flexibility do you have to pass on some of this to the market over time? Or is this also about some of the larger deals and sometimes it's a little bit more challenging to do that?

知道了。我想回到您在新聞稿中以及在關於下半年通膨壓力的演講中所做的評論。所以我想我要問你們的問題是，托德，或者彼得，你們有多大的靈活性來將其中的一部分隨著時間的推移傳遞給市場？或者這也與一些較大的交易有關，有時這樣做會更具挑戰性？

Yes. Maybe it's a little more challenging to pass through on some of the larger projects. We have very good contracts, and we have very good execution with our supply chain when we have a fixed price contract with the customer, we have similarly fixed price contracts with our supply chain. But you can't prebuy or fix everything. And I've said it on the first quarter call when we articulated our view of tariffs and inflation.

是的。也許對於一些較大的項目來說，通過起來會更有挑戰性。我們擁有非常好的合同，並且當我們與客戶簽訂固定價格合約時，我們的供應鏈執行得非常好，我們與供應鏈也同樣簽訂了固定價格合約。但你無法預先購買或修復所有東西。當我們在第一季的電話會議上闡述我們對關稅和通貨膨脹的看法時，我已經說過這​​一點。

And we're just reiterating it again, I guess, now. And that is if most companies are increasing price, which we feel that most have in the industrial space, components, electrical components, pumps, motors, valves, fans, you name it, things we all buy that might not necessarily be negotiated in our supply chain. We're still buying those, if you will, through distribution as and when we need them.

我想，我們現在只是再次重申這一點。那就是如果大多數公司都在提高價格，我們認為大多數工業領域的公司都會提高價格，包括零件、電氣元件、泵浦、馬達、閥門、風扇等等，我們購買的所有東西都不一定能在我們的供應鏈中進行談判。如果您願意的話，我們仍然會在需要時透過經銷商購買這些產品。

If those prices are up 5%, 6%, 7%, 8%, I'm just using that as an example. Well, those are -- that's inflation that we know is coming in the second half. And we're just suggesting that we've modeled that into our guidance. That expectation that the prices that we've heard and understood have been increased throughout the year, that will start to present itself through distribution in -- now in the third quarter and in the fourth.

如果這些價格上漲了 5%、6%、7%、8%，我只是用它作為一個例子。嗯，這些都是──我們知道下半年會出現的通貨膨脹。我們只是建議將其納入我們的指導中。我們所聽到和了解到的價格預期在全年都會上漲，這種預期將在第三季和第四季透過分銷體現出來。

The combination of that expected inflation, which we certainly work hard to pass along or absorb in our productivity initiatives, and I feel good about our ability to do that. But still, it's an expected inflationary period for a handful of our businesses that are out buying components like that. And then the other is when you have the backlog of $300-ish million, not quite, but almost $300 million year-over-year, and we expect that, that could continue to grow.

我們當然會努力透過生產力措施來傳遞或吸收預期通貨膨脹的綜合影響，我對我們做到這一點的能力感到很滿意。但對於我們少數購買此類零件的企業來說，這仍然是一個預期的通貨膨脹時期。另一個是，當你有 3 億美元左右的積壓訂單時，雖然不是全部，但同比也接近 3 億美元，我們預計這個數字可能會繼續增長。

We're adding a handful of resources to prepare for that execution to manage our ability to deliver on time, on schedule and even better than budget. So we -- these investments are smart. We get out ahead of it. We get out ahead of the need to scramble on our projects. But as a result, we're sometimes adding a little bit of cost in advance of that revenue.

我們正在增加一些資源來為執行做好準備，以管理我們按時、按計劃甚至超出預算交付的能力。所以我們——這些投資是明智的。我們領先一步。我們提前做好了專案上的準備，避免了手忙腳亂。但結果是，我們有時會在收入之前增加一點成本。

That is a dynamic that we see potentially in the second half. So our guidance really reflects the combination of those two components.

這是我們可能在下半年看到的動態。因此，我們的指導實際上反映了這兩個組成部分的結合。

Got it. And then just last question, quick one just on -- has your thinking about the impact of tariffs on the business changed at all? And congrats on the quarter, by the way.

知道了。然後是最後一個問題，很快——您對關稅對企業的影響的看法有任何改變嗎？順便說一句，恭喜本季取得佳績。

Yes. No. Our thinking remains fundamentally unchanged. It continues to be a bit of an evolving headline and topic as policies and relationships and agreements change. But we believe overall that what we talked about at the first quarter and the analytics that we provided fundamentally hold true still.

是的。不。我們的思想從根本上沒有改變。隨著政策、關係和協議的變化，它繼續成為一個不斷發展的標題和主題。但總體而言，我們相信，我們在第一季討論的內容和提供的分析從根本上仍然是正確的。

Gerry Sweeney, ROTH Capital.

羅仕資本的 Gerry Sweeney。

Congrats on a great quarter. A lot of questions have been asked. And to be honest with you, I'm multitasking here. But I just wanted to touch again on margins. These are my words, I think, aspirationally or I should say, I think I would always think CECO could get it to sort of mid-digit -- mid-teens EBITDA margins. And we have SG&A moves, process improvements. I think there's mix.

恭喜本季取得優異成績。已經提出了很多問題。老實說，我在這裡同時做多項任務。但我只是想再談一下邊緣問題。我認為，這些都是我的理想之言，或者我應該說，我認為我一直認為 CECO 可以將其 EBITDA 利潤率提高到中等水平——十幾歲左右。我們也採取了銷售、一般及行政管理措施，並進行了流程改善。我認為存在混合。

There's also leverage as you drive -- continue to drive gross profit dollars. Is something in the mid-teens attainable over, I don't know, 12-months, 18-months, 24-months? And how should we think of that?

當你推動時，還有槓桿作用——繼續推動毛利。我不知道，在 12 個月、18 個月或 24 個月內，是否可以達到十幾歲左右的水平？我們該如何看待這個問題？

Yes. I mean, look, we got to get into the low teens sustainably before we get into the mid-teens. So we want to get there, and we expect to get there in that period. Mid-teens, certainly, I think we are -- I would maybe suggest we've been pleasantly surprised with the growth and the opportunities in the marketplace. When we see them, we want to invest to penetrate those markets and continue to build our industrial water business, for example, continue to build our capabilities internationally, continue to build our pipeline of not only sales, but great talent to go and execute on that.

是的。我的意思是，在我們進入十幾歲的中期之前，我們必須持續地進入十幾歲的低期。所以我們希望實現這一目標，並且我們期望在那個時期實現這一目標。我認為我們肯定處於十幾歲的水平——我或許會說，我們對市場的成長和機會感到驚訝。當我們看到它們時，我們希望投資滲透這些市場並繼續建立我們的工業水業務，例如，繼續建立我們的國際能力，繼續建立我們的銷售管道，以及建立優秀的人才團隊並執行這些業務。

So our investments have probably been a little bit higher than we anticipated 12-months, 18-months ago, but so has our growth rate, right? So we're driving that. And I would say we're maybe -- if you told me we had to have mid-teens margins, we -- to whatever to win gold metal, then I suppose we certainly see a plan to get there. However, we like the investments, what they're yielding.

因此，我們的投資可能比我們 12 個月或 18 個月前的預期要高一點，但我們的成長率也是如此，對嗎？所以我們正在推動這一點。我想說的是，如果您告訴我我們必須擁有十幾歲的利潤率，我們無論如何都要贏得金牌，那麼我想我們肯定會有一個實現這一目標的計劃。然而，我們喜歡這些投資以及它們所帶來的利益。

We believe in the returns over the long term. And so yes, it might be your words, it's also mine, Gerry, that as we continue to grow, we believe that volume leverage and productivity will get us to those mid-teen EBITDA margins. We're still committed to them. We're probably a little, like I said, a little bit behind in terms of how we thought we'd be because of our investment cycle. But we also like the returns we're getting from our investments. So we're still committed to those mid-teens margins, and we'll get there.

我們相信長期的回報。是的，這可能是你的話，也是我的話，格里，隨著我們繼續增長，我們相信數量槓桿和生產力將使我們達到十幾歲的 EBITDA 利潤率。我們仍然致力於他們。正如我所說的，由於我們的投資週期，我們可能比我們想像的要落後一點。但我們也喜歡從投資中獲得的回報。因此，我們仍然致力於實現十幾歲的利潤率，並且我們將實現這一目標。

I get it. And that's fair, right? So what we should be thinking here is, right, this is -- growth is, again, maybe a little bit ahead of schedule, to invest in that I take growth over margin tweaking any day of the week. And let's -- it's a little bit of a tactical response to support growth that maybe slows margin expansion a little bit. But again, let's go for growth over absolute margins any day of the week. Is that fair?

我得到它。這很公平，對吧？因此，我們應該考慮的是，對，這是 - 成長可能再次提前了一點，為了進行投資，我每週的任何一天都會選擇成長而不是利潤調整。這是一種支持成長的戰術反應，可能會稍微減緩利潤率的擴張。但再次強調，一週中的任何一天，我們都要追求成長而不是絕對利潤。這樣公平嗎？

That's right. That's right. And I mean, this sounds convenient to say when you're in a high-growth organization. But if we did see moderating growth as a company, we have certainly cost levers that we wouldn't be afraid and could take to probably -- and I have many experiences as does my leadership team and our Board kind of working in for decades.

這是正確的。這是正確的。我的意思是，當你身處在一個高成長組織時，這麼說聽起來很方便。但如果我們確實看到公司成長放緩，我們肯定會採取一些成本槓桿，我們不會害怕，而且可能會採取這些槓桿——我和我的領導團隊以及董事會幾十年來的工作經驗都很豐富。

And lower growth organizations that as a result of that lower growth environment, low single-digit growth companies really, really go after their cost structure more aggressively because they don't have necessarily or see the opportunities to invest in 95% orders growth year-over-year, right? And so it's a balance that we feel we're -- it's a trade-off, I guess, that we feel we're willing to make to continue to invest appropriately to maximize our growth versus slowing down that investment to maximize our margins.

而由於低成長環境的影響，低個位數成長的公司確實會更積極地追求其成本結構，因為他們不一定有或看不到投資於同比增長 95% 訂單增長的機會，對嗎？因此，我們認為這是一種平衡——我想，這是一種權衡，我們覺得我們願意繼續進行適當的投資以最大化我們的成長，而不是放慢投資以最大化我們的利潤率。

Now we're not trying to have weak margins. We love what we're doing with gross margins, price, productivity, mix. We're going to continue to work on our portfolio. And as we said, the second quarter shows a stronger conversion of our SG&A. We're going to -- we're still committed to that. We're still looking at costs to prune in our corporate and in our organization where we have redundancies. There's no shortage of levers here. But right now, the focus is on growth.

現在我們不想降低利潤率。我們熱愛我們在毛利率、價格、生產力和產品組合方面所做的事情。我們將繼續致力於我們的投資組合。正如我們所說，第二季我們的銷售、一般和行政費用轉換率更高。我們將會——我們仍然致力於此。我們仍在考慮削減公司和組織中冗餘人員的成本。這裡並不缺乏槓桿。但目前，重點是成長。

One other maybe housekeeping -- or one or two other housekeeping items. Any ForEx impact in the quarter? Or -- I didn't go through a little fine tooth to be quite honest with you.

另一個可能是家務事——或者一兩個其他家務事項。本季對外匯有任何影響嗎？或者——說實話，我並沒有經歷什麼困難。

De minimis. It's small.

微不足道。它很小。

De minimis.

微不足道。

Small ForEx.

小型外匯。

Yes. And then curiosity as an occupational hazard of an analyst, what is the gap between maybe Siemens, GE Vernova getting an order for a turbine and when you see the follow-on order for your equipment or your portion of the project?

是的。然後，好奇心作為分析師的職業危害，西門子、GE Vernova 獲得渦輪機訂單與您看到設備或項目部分的後續訂單之間有什麼差距？

Half a year. Half a year would be -- so typically, we and the balance of the supply chain are certainly deeply involved in conversations with them, including even some preliminary budgetary proposals, et cetera, to give them confidence who they would already have as a short list of suppliers, what the cost on a project would look like.

半年。半年的時間——通常情況下，我們和供應鏈的其他各方都會深入地與他們進行對話，甚至包括一些初步的預算提案等等，讓他們有信心知道他們已經擁有哪些供應商的候選名單，以及項目的成本是多少。

So that helps them secure and have confidence in their ability to deliver on their order. So in a way, it feels like we're right there with them many times. But from when they announce, let's say, a large win, we're 6-months to 12-months away from securing a PO. Now sometimes they announce a win and they say that this is five years out.

這有助於他們確保並相信自己有能力完成訂單。所以從某種程度上來說，感覺我們很多時候都在他們身邊。但從他們宣布大獲全勝開始，我們還需要 6 到 12 個月的時間才能獲得採購訂單。現在，他們有時會宣布勝利，並說這是五年後的事了。

Well, then we're longer than that because they're not going to necessarily have to give us an order for something that we can certainly deliver in 12 months. They don't need us to sit on it for four years. But for the most part, they're announcing orders that they're planning to deliver in that 18 months to 20 to 36 months, we'll announce an order or we'll get an order 6-months to 12-months after their announcement. Just to be -- that's the typical.

好吧，那麼我們的時間會更長，因為他們不一定要給我們下訂單，而我們肯定能在 12 個月內交付產品。他們不需要我們為此坐等四年。但大多數情況下，他們會宣布計劃在 18 個月到 20 到 36 個月內交付的訂單，我們會在他們宣布後 6 個月到 12 個月內宣布訂單或收到訂單。只是——這是典型的情況。

Congrats again on the great quarter.

再次恭喜本季取得的優異成績。

Thanks, Gerry.

謝謝，格里。

Bobby Brooks, Northland Capital Markets.

布魯克斯 (Bobby Brooks)，北國資本市場 (Northland Capital Markets)。

Congrats on the excellent quarter. About a month ago, you guys had announced the launch of a new Saudi Arabian office, which is in contrast to the fact most investors focus --

恭喜本季取得優異成績。大約一個月前，你們宣佈在沙烏地阿拉伯設立新的辦事處，這與大多數投資者關注的事實形成了鮮明對比。--

Bobby, it's very hard to hear you. Your line is very staticky. But yes, we can hear you, but just your line is a little staticky, but go ahead.

Bobby，我聽不太清楚你說話。你的線路噪音很大。不過，我們能聽到你說話，只是線路有點噪音，不過請繼續。

Yes, you guys can hear me better now.

是的，現在你們可以聽得更清楚了。

Yes, that's -- go ahead.

是的，那是──繼續。

Yes. So yes, just about a month ago, you guys announced the launch of a new Saudi Arabian office, which is in contrast to the fact that most investors focus on the domestic opportunities ahead for you guys given how large it is. But I think it would be helpful for investors to discuss the opportunities you're seeing globally in kind of the key regions.

是的。是的，大約一個月前，你們宣佈在沙烏地阿拉伯設立新的辦事處，這與大多數投資者關注你們未來在國內的機會這一事實形成了鮮明對比，因為該辦事處規模龐大。但我認為，與投資者討論您在全球範圍內看到的關鍵地區的機會將會很有幫助。

You mentioned it, I think, in the Q&A a little bit earlier and just maybe contrast that versus domestic opportunities because I get the sense that the international opportunity for CECO is a little underappreciated. And maybe you can just dovetail that with how selling Profire solutions to international customers has went thus far.

我認為您在先前的問答中提到過這一點，也許可以將其與國內機會進行對比，因為我覺得 CECO 的國際機會有點被低估了。也許您可以將其與迄今為止向國際客戶銷售 Profire 解決方案的進展結合起來。

Yes. So look, we're -- we love all of our regions. And certainly, we see key opportunities in North America. But we've also been growing steadily over the last four years internationally. In fact, our high-growth regions, which is -- which are the countries or the regions that you would expect from the Middle East and India, Southeast and East Asia, China, and similar, we have expanded our sales over the last four years from around $30 million to well over $100 million.

是的。所以，你看，我們——我們熱愛我們所有的地區。當然，我們在北美看到了關鍵機會。但過去四年我們在國際上也一直在穩步發展。事實上，我們的高成長地區，也就是中東和印度、東南亞和東亞、中國等國家或地區，過去四年我們的銷售額從約 3,000 萬美元擴大到超過 1 億美元。

And the Middle East represents a very strategic region for us. We have a great group headquartered in the Middle East in Dubai that thoughtfully expands into new vertical markets like industrial water as well as into new geographies throughout not just the Middle East, but those high-growth regions. We've been intentional about expanding into Southeast Asia and growing in that space.

中東對我們來說是一個非常具有戰略意義的地區。我們在中東杜拜擁有一個優秀的集團，該集團深思熟慮地將業務擴展到工業用水等新的垂直市場，以及不僅在中東，而且在那些高成長地區的新地區。我們一直有意向東南亞擴張並在該地區發展。

We've been intentional, including an acquisition of DS21 in South Korea so that we have better and more sustainable access to the East Asian market and the South Korean relationships with the EPC firms there. And then you sling back to the Middle East, we have certainly sold into Saudi and worked with the major Saudi companies and the economic leaders there. It's more efficient if you have a local presence.

我們一直有意為之，包括收購韓國的 DS21，以便我們能夠更好、更永續地進入東亞市場並與那裡的韓國 EPC 公司建立關係。然後回到中東，我們確實向沙烏地阿拉伯銷售產品，並與沙烏地阿拉伯主要公司和那裡的經濟領袖合作。如果您有本地業務，效率會更高。

And over time, as we think about investing in Saudi and in other countries, we want to make sure that we're able to maximize those relationships. So having a local presence, having a local team, having a local office and entity over time, potentially adding assembly, manufacturing and more distribution into a country aids and helps accelerate the growth in those relationships as well, especially in a country like Saudi that's certainly very appropriately focused on Saudi for Saudi and things of that nature.

隨著時間的推移，當我們考慮在沙烏地阿拉伯和其他國家投資時，我們希望確保能夠最大限度地利用這些關係。因此，隨著時間的推移，擁有本地業務、本地團隊、本地辦事處和實體，有可能在一個國家增加組裝、製造和更多分銷，有助於加速這些關係的增長，特別是在沙特這樣的國家，它非常恰當地關注沙特為沙特服務等性質的事情。

So you want to crawl, walk, run into these countries. I think we do a good job of that. And we're going to do that same thing in countries like Saudi, where we see a long- term growth rate that and opportunities that aligns with our products.

所以你想爬、走、跑進入這些國家。我認為我們在這方面做得很好。我們將在沙烏地阿拉伯等國家採取同樣的做法，在這些國家，我們看到了與我們的產品相符的長期成長率和機會。

Bobby, a way to think about it is that we've positioned our global footprint to be in the eight largest industrial trading zones in the world. We talk a lot about North America because CECO was at one point, five, six years ago, 80-plus percent North American in its business. We're rapidly approaching a balanced 50% North America, 50% outside of the region.

鮑比，我們可以這樣想，我們的全球足跡已經定位在世界八大工業貿易區。我們常談論北美，因為五、六年前，CECO 的業務有 80% 以上來自北美。我們正迅速實現北美 50%、地區外 50% 的平衡。

And that will vary by quarter, and it will vary by year based on orders booked and revenue generated from those orders. But we see consistent market growth in Korea, in Southeast Asia, India, Saudi Arabia or the Gulf region and North Africa. And we see that business being generated through clients based in Europe, investing outside of Europe.

這將根據季度和年份而有所不同，具體取決於訂單量和這些訂單產生的收入。但我們看到韓國、東南亞、印度、沙烏地阿拉伯、海灣地區和北非的市場持續成長。我們看到，這些業務是透過位於歐洲的客戶在歐洲以外進行投資而產生的。

EPCs that are historically European headquartered with teams now in India and the Middle East and Southeast Asia, developing projects for large local end users and national energy companies. We're also seeing a more attractive market for our solutions as these regions begin to spend more time thinking about environmentally sustainable outcomes, cleaner plants, cleaner energy production, cleaner water, reuse of water.

EPC 公司的總部歷來設在歐洲，目前在印度、中東和東南亞設有團隊，為當地大型終端用戶和國家能源公司開發專案。隨著這些地區開始花更多時間思考環境可持續的結果、更清潔的工廠、更清潔的能源生產、更清潔的水和水的再利用，我們也看到我們的解決方案的市場更具吸引力。

And so the dynamics are, say, the market drivers we've seen in the OECD nations have now made their way into what -- euphemistically we refer to as the developing regions. I would argue they're not developing regions. They're developed markets that are now developing their view on environmental solutions on how to deliver more environmentally sustainable solutions and to be more efficient in their consumption and use of material inputs.

因此，我們在經合組織國家看到的市場驅動力現在已經進入了我們委婉地稱為發展中地區的地方。我認為它們不是發展中地區。他們是已開發市場，目前正在發展對環境解決方案的看法，即如何提供更環境永續的解決方案，以及如何更有效地消耗和使用材料投入。

That all favors CECO. And we're making investments in those locations judiciously as we feel those markets are opening and available for our solutions because a domestic solution, one that's very viable and is the standard in the US is not yet the standard outside of the US in many markets. But we're moving towards a reality by the end of 2030, where what we're supplying in the US will look very similar to what we're supplying in Saudi Arabia, for instance, in India, in Malaysia, in Indonesia. And that's a good thing. Good for us, good for the planet, good for the people who live in those regions.

這一切都對 CECO 有利。我們正在這些地區進行明智的投資，因為我們認為這些市場正在開放並接受我們的解決方案，因為國內解決方案非常可行並且是美國的標準，但在美國以外的許多市場還不是標準。但到 2030 年底，我們將實現這一目標：我們在美國供應的產品將與我們在沙烏地阿拉伯、印度、馬來西亞和印尼等國供應的產品非常相似。這是一件好事。這對我們有好處，對地球有好處，對生活在這些地區的人們也有好處。

That's excellent color. I really appreciate it. And then my next question is, in the prepared remarks, you guys both indicated that the project delays that kind of hampered results in 2024 have abated. Could you maybe just discuss a little bit deeper why those have relieved?

顏色真漂亮。我真的很感激。我的下一個問題是，在準備好的發言中，你們都表示，專案延誤對 2024 年成果的阻礙已經減輕。您能否更深入地討論為什麼這些情況會得到緩解？

Yes. Our customers got their (technical difficulty) together, and now we're moving forward constructively to deliver on the projects as we had initially defined them.

是的。我們的客戶解決了他們的（技術難題），現在我們正在建設性地向前邁進，並按照我們最初定義的專案進行交付。

Yes. We had a handful of larger projects that had longer delays than normal. In the few years prior to '24, that was in '24. We may have even seen customers that were accelerating projects. So the dynamic in '22 and '23, where when projects were booked, customers executed at or maybe even a little faster than schedule on average.

是的。我們有幾個較大的項目，它們的延遲時間比正常情況要長。在 24 年之前的幾年裡，那是在 24 年。我們甚至可能看到正在加速專案的客戶。因此，在 2022 年和 2023 年的動態中，當專案被預訂時，客戶的執行速度平均達到甚至可能比計劃更快。

That changed certainly across a handful of material projects in '24, and that impacted our outlook for the year as well as our performance in the year because they were larger-than-average projects that had longer-than-average delays. Those projects have now turned to a normalized operational schedule. They got -- they're stuff together. And we have not seen that same dynamic.

24 年，少數重要項目的情況確實發生了變化，這影響了我們對今年的展望以及我們今年的業績，因為這些項目規模大於平均水平，而且延遲時間也比平均水平要長。目前，這些項目已恢復正常運作。他們得到了——他們把東西放在一起了。但我們還沒有看到同樣的動態。

There's always a handful of projects that are paused for a variety of reasons. That happens every quarter and every year that I've been at CECO and pretty much every company I've ever been at. But that dynamic was unique last year. And we're no longer seeing that unique aspect this year. It's now back to normal, Bobby.

總是會有少數項目因各種原因而暫停。在我任職 CECO 期間以及我任職過的幾乎每家公司，每個季度和每年都會發生這種情況。但去年的這種動態是獨一無二的。而今年我們不再看到這種獨特的現象。現在一切都恢復正常了，鮑比。

And so we -- right now, we don't see a project that we're -- that we anticipate being delayed nor do we necessarily see such large projects in the second half of the year that even if one or two of them were delayed, would necessarily create a moment of pause or concern for us. The breadth of our projects is certainly pretty spread out across our second half delivery.

因此，目前，我們預計不會有任何項目被推遲，下半年也未必會出現大型項目，即使其中有一兩個項目被推遲，也必然會給我們帶來停頓或擔憂。我們的專案範圍肯定相當分散，遍布下半年的交付中。

So right now, we feel like we're in a pretty good shape. And that's why in our prepared remarks, we made comment around we don't anticipate any project impact necessarily hurting us in the second half of the year. And we're certainly not experiencing anything positive or negative on the project execution dynamic to speak of.

所以現在，我們感覺我們的狀態非常好。這就是為什麼我們在準備好的評論中評論說，我們預計任何項目影響都不會在下半年對我們造成傷害。我們在專案執行動態方面確實沒有遇到任何積極或消極的事情。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Todd for any closing remarks.

我現在不想再問任何問題。我想將電話轉回給托德，讓他做最後的總結演講。

Thank you very much. Well, thanks for the great questions and of course, all the interest in our information today. Once again, I want to thank our global teams here at CECO for delivering such incredible value to our customers as we continue to protect people, protect the environment and protect our customers' investment in their industrial equipment.

非常感謝。好吧，感謝大家提出的這些好問題，當然也感謝大家對我們今天的資訊感興趣。我再次感謝 CECO 的全球團隊，感謝他們為我們的客戶提供如此不可思議的價值，我們將繼續保護人民、保護環境並保護客戶對其工業設備的投資。

As many of you know, we'll be presenting at several upcoming conferences in the third quarter, which you can find on our website or we will be announcing via press releases. We hope to see you there. We're always available to answer any questions you might have. So with that, I want to thank everyone. Have a great rest of your day, and we'll talk to you soon.

正如你們許多人所知，我們將在第三季度即將召開的幾次會議上發表演講，您可以在我們的網站上找到相關信息，或者我們將通過新聞稿宣布。我們希望在那裡見到您。我們隨時可以回答您可能遇到的任何問題。因此，我要感謝大家。祝您今天過得愉快，我們很快就會再與您聯繫。

Thank you, ladies and gentlemen. This does conclude today's presentation. You may now disconnect, and have a wonderful day.

謝謝各位，女士們、先生們。今天的演講到此結束。現在您可以斷開連接，享受美好的一天。